Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State Governor, Ifeanyi Okowa, over allegations of diverting a massive sum of N1.3 trillion in derivation funds. The funds in question were part of the 13 percent derivation allocation from the federal government’s Federation Account, distributed between 2015 and 2023. The arrest has sparked significant attention, as it involves a considerable amount of public money.
According to sources within the EFCC, Okowa was apprehended after responding to an invitation from investigators at the commission’s office in Port Harcourt, Rivers State. One source close to the investigation revealed, “Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested.” The source added that the former governor was taken into custody shortly after his arrival.
In addition to the alleged diversion of the N1.3 trillion derivation fund, Okowa is facing accusations of financial mismanagement related to an additional N40 billion. The funds, according to investigators, were purportedly used for investments in UTM Floating Liquefied Natural Gas (LNG). Another source familiar with the case stated, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.”
The former governor is also under scrutiny for alleged investments in a major Nigerian bank. Investigators claim that Okowa used part of the N40 billion to acquire an eight percent equity stake in the bank, which was supposedly meant for the LNG project but was allegedly diverted for other purposes. The scale of these alleged financial irregularities has prompted the EFCC to intensify its probe into Okowa’s financial dealings during his tenure as governor.
Further allegations against Okowa involve the acquisition of multiple properties in strategic locations, including estates in Abuja and his home state of Delta. “Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State,” one source disclosed. These acquisitions are believed to be linked to the same funds allegedly misappropriated during Okowa’s time in office.
As of now, Okowa remains in EFCC custody at the holding facility in Port Harcourt while investigations continue. The EFCC is expected to provide further details as the probe unfolds. The arrest has sent ripples through political and financial circles, raising questions about accountability and the management of public funds.
EFCC spokesperson, Dele Oyewale, confirmed the arrest of Okowa but refrained from providing additional details on the matter when contacted. “Yes, the former governor has been arrested, but I cannot provide further comments at this time,” Oyewale said. The arrest has fueled public interest in the outcome of the investigation and whether Okowa will face charges related to the alleged financial misconduct.
